ADVERTORIAL
WCJC PROMOTES ECONOMIC GROWTH IN SERVICE AREA The Economic Value of Wharton County Junior College
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In all, the college’s total economic impact (for FY 2022-23) was $122.4 million. That total is comprised of $39.5 million from operations spending, $18.2 million from student spending and $64.7 million in alumni impact. WCJC Board of Trustees Chair J. Paul Pope said the report confirms that the college’s benefit to the community is extensive and noteworthy.
Wharton County Junior College’s impact extends far beyond the halls of education. A recent study determined that the college promotes significant economic growth in its entire service area. According to the report, WCJC’s total economic impact for fiscal year 2022-23 was more than $122 million.
the associate degree over a high school diploma will amount to an undiscounted value of $352,800 in higher earnings per graduate. The students’ benefit-cost ratio is 5.2. In other words, for every dollar students invest in WCJC in the form of out- of-pocket expenses and forgone time and money, they will receive a cumulative value of $5.20 in higher future earnings. For taxpayers – WCJC generates more in tax revenue than it receives. These benefits to taxpayers consist primarily of taxes that the state and local government will collect from the added revenue created in the state. As WCJC students will earn more, they will make higher tax payments throughout their working lives. Students’ employers will also make higher tax payments as they increase their output and purchases of goods and services. By the end of the FY 2022-23 students’ working lives, the state and local government will have collected a present value of $73.5 million in added taxes. Total taxpayer benefits amount to $80.2 million. Taxpayer costs are $19.9 million, equal to the amount of state and local government funding WCJC received in FY 2022-23. These benefits and costs yield a benefit- cost ratio of 4.0. This means that for every dollar of public money invested in WCJC in FY 2022-23, taxpayers will receive a cumulative present value of $4 over the course of the students’ working lives. For society – The social benefits of WCJC equal a present value of $1.2 billion. These benefits include $735.4 million in added student income, $369.5 million OR $39.5 million Added income Operations spending impact Impact of annual payroll and other spending Enough to buy 838 new cars OR 629 Jobs supported $64.7 million Added income An economic boost similar to hosting the World Series 10x Alumni impact Impact of the increased earnings of WCJC alumni and the businesses they work for 871 Jobs supported The average associate degree graduate from WCJC will see an increase in earnings of $8,400 each year compared to someone with a high school diploma working in Texas. < High school High school Certificate Associate Bachelor's Taxpayers gain $4.00 in added tax revenue and public sector savings Students gain $5.20 in lifetime earnings * = family of four = 50 jobs 546 Employees 411 Non-credit students
About WCJC 7,471 Credit students
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Economic impact analysis
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“It is clear that the positive impacts of Wharton County Junior College are far-reaching
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“We all know the college provides many benefits, but this report calculates the actual payoff for taxpayers, the community, and for students. The total payoff is
The economic impact study was compiled earlier this year by Lightcast, a labor market analytics firm. One of the key takeaways of the 95-page report is that WCJC promotes economic growth in its service area through direct expenditures and the resulting expenditures of students and regional businesses. WCJC’s service area includes Wharton, Matagorda, and Colorado counties, as well as parts of Fort Bend, Jackson, and Austin counties. The report notes that, as an employer, WCJC contributes to economic growth through buying goods and services for its day-to-day operations. The college’s activities also attract students from outside the service area whose expenditures benefit regional vendors. In addition, WCJC enhances productivity in the regional workforce by providing trained workers to the area’s industries. and significant. In addition to offering a high quality, affordable education, the college provides a substantial economic impact that benefits the entire service area.” – WCJC PRESIDENT BETTY MCCROHAN
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Enough to bu families* a yea of groceries $18.2 Added incom Student s Impact of the students attra
The report also determined that WCJC is a good investment for its three major stakeholder groups: students, taxpayers and society in general. assessed at over $122 million. I am particularly pleased to see the fivefold return on student investment – at a time when some educational programs are not even breaking even.” – WCJC BOARD OF TRUSTEES CHAIR J. PAUL POPE
Investment analysis
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For students – WCJC served 7,882 students in FY 2022-23. The total
Sources: Lightcast Economic Impact Study; http://www.chicagotribune.com/news/opinion/commentary/ct-world-series-host-cities-economy-20151103-story.html/; https://www.caranddriver.com/news/a38748092/new-car-average-sale-prices-47100/; https://fns-prod.azureedge.us/sites/default/files/media/file/CostofFoodAug2022LowModLib.pdf
investment made by students amounted to $38.5 million. In return for their investment, WCJC’s students will receive a stream of higher future earnings that will continue to grow throughout their working lives. For example, the average WCJC associate degree graduate from FY 2022-23 will see annual earnings that are $8,400 higher than a person with a high school diploma or equivalent working in Texas. Over a working lifetime, the benefits of
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